July Crypto Market Rebound: 11 Charts Analyzing Industry Trends

In July, the crypto market welcomed a long-awaited rebound, with most indicators showing an upward trend. This article provides an in-depth analysis of the crypto market situation over the past month through 11 charts.

On-chain transaction activity surges

In July, the adjusted on-chain total transaction volume of Bitcoin and Ethereum significantly increased by 31.8%, reaching $445 billion. Among them, Bitcoin's adjusted on-chain transaction volume rose by 34.7%, while Ethereum grew by 27.7%.

The stablecoin market is steadily expanding

The stablecoin sector is also showing a positive trend. In July, the adjusted on-chain transaction volume of stablecoins increased by 18.8%, reaching $997.4 billion. The total supply of stablecoins rose slightly by 1.2%, to $144.3 billion. In terms of market share, USDT and USDC accounted for 78.9% and 17.1%, respectively.

Miner income and staking rewards have slightly decreased

Bitcoin miners' revenue in July was $950.2 million, a slight decrease of 1.2%. Ethereum staking revenue fell to $270.2 million, a decline of 6.6%.

Ethereum Continuous Deflation

In July, the Ethereum network burned 17,114 ETH, worth approximately 56.4 million USD. Since the implementation of EIP-1559 in August 2021, Ethereum has cumulatively burned approximately 4.35 million ETH, worth around 12.3 billion USD.

The NFT market continues to cool down

The trading volume of the NFT market on the Ethereum chain has significantly declined again, dropping by 49.6% to approximately $140.3 million.

Centralized Exchange Trading Volume Rebounds

The spot trading volume of compliant centralized exchanges (CEX) rebounded in July, increasing by 6.7% to $702.7 billion.

The Attractiveness of Spot Bitcoin ETFs Increases

In July, the net inflow of spot Bitcoin ETFs surged by 473%, reaching 3.15 billion USD.

Crypto Futures Market Differentiation

The open interest in Bitcoin futures grew by 15.6%, with trading volume increasing by 65% to $1.66 trillion. The open interest in Ethereum futures decreased by 5.6%, but trading volume grew by 43.1%.

Chicago Mercantile Exchange Bitcoin Futures Perform Strongly

The open interest of Bitcoin futures on the Chicago Mercantile Exchange increased by 13.5% to $10.6 billion, with the average daily trading volume rising by 12.3% to approximately $5.05 billion.

Ethereum futures trading is active

In July, the average monthly trading volume of Ethereum futures increased significantly by 43.1%, reaching $755.5 billion.

The heat of the crypto market for cryptocurrency options is rising

The open interest of Bitcoin options increased by 35.9%, and the trading volume grew by 31.9% to $56.9 billion. The open interest of Ethereum options rose by 7.1%, but the trading volume fell by 8.1% to $15.5 billion.

Overall, the crypto market in July showed significant signs of recovery, with positive changes occurring in multiple areas, injecting new momentum into the industry's development.